8 March 2019
Government Work Report Defines Future Mainland Economic and Social Objectives with reduced Corporate Burdens
Over the next 12 months, the mainland’s primary economic and social development goals are set to include GDP growth of 6%-6.5%, urban unemployment of about 5.5%, inflation of about 3% and the basic balance of international payments being maintained. The objectives were outlined by Li Keqiang, the Chinese Premier, as he delivered the Government Work Report during the second session of the 13th National People’s Congress on 5 March this year.
He mentioned the government’s aim to reduce the tax burdens and social insurance contributions of enterprises by nearly RMB2 trillion in 2019, as part of its broader push to promote manufacturing and fuel the growth of small and micro businesses. The government would also deepen the value-added tax reform, reducing the current rate of 16% in manufacturing and other industries to 13%, and lowering the rate in the transportation, construction, and other industries from 10% to 9%.
As part of his presentation, he also highlighted the importance of coordinating domestic and international relations, balancing stable growth against avoiding undue risks and relying on the reform and opening-up process to stimulate market expansion. As part of his concluding remarks, he emphasised the government’s commitment to refining its macro-control resources in order to sustain economic growth within pre-agreed parameters.
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